Avidity Biosciences price target lowered to $68 from $72 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Avidity Biosciences (RNA) to $68 from $72 and keeps a Buy rating on the shares. The firm reevaluated its spending assumptions given the company’s pipeline progress. As Avidity prepares to share the topline data from the dose escalation phase of the FORTITUDE trial, the accelerated approval pathway is supported by the strong genetic link with the disease, which is the presence of abnormal DUX4 gene expression, or DUX4 related gene expression data, which might have reasonable likelihood to predict clinical benefit, the analyst tells investors in a research note.